With the 15 year fixed at an eye popping 2.65% today and the 10 year fixed at 2.50%, it is no wonder that more homeowners are opting for shorter terms to save money on interest and pay their homes down faster. While there are also many benefits to 30 year mortgages, such as lower monthly payments and more flexibility, people are showing that they still prefer to pay lower inerestt. Owning yor own home by the time you are 45 does sound a lot better than owning one when you are 60. Low risk investment vehicles are offering extremely low returns, forcing people to seek practical and safe places to put their money, and for many, the mortgage seems to be near the top of the list. Paying off your mortgage at a young age allows people to better prepare for retirement as they get older.